Home prices have been a hot topic of debate over the past year! Some folks are predicting a massive drop in prices, while others think we might see slight appreciation or depreciation depending on the area of the country. As we gear up for the spring real estate market, experts continue to forecast what they believe will happen with home prices this year and beyond.
Have you ever heard of Pulsenomics? It’s a research firm that surveys a panel of over 100 economists, investment strategists, and housing market analysts regarding their five-year expectations for future home prices in the United States. They're like the fortune-tellers of the real estate world! Ha! If you love all the data, you may find this interesting.
But you might be wondering, with all this uncertainty…how does this affect me? Well, I want you to think through three reasons you might consider buying a home in the midst of the noise:
Buying a home helps you escape the cycle of rising rents. Rent prices have been going up and up for decades, so owning your own home can give you more financial stability.
Homeownership is a hedge against inflation. When you buy a home with a fixed-rate mortgage, you lock in your housing payment, so it won’t go up like it would if you rent.
Homeownership is a powerful wealth-building tool. The average net worth of a homeowner is $255,000 compared to $6,300 for a renter. Yeah, you read that right!
So, while experts are projecting slight price depreciation in the housing market this year, followed by steady appreciation, purchasing a home should always be made with all the facts in mind and an expert on your side.
MOST IMPORTANT, like I always say… There is no such thing as a national real estate market. If you want to know more about your zip code, neighborhood, shoot…your specific street, call me!
I’m here to help!
Here is your market update!
